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<br />7/6/92
<br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF
<br />FOUR MILLION TWO HUNDRED NINETY THOUSAND DOLLARS
<br />($4,290.000)* PRINCIPAL AMOUNT OF GENERAL OBLIGATION
<br />PUBLIC IMPROVEMENT REFUNDING BONDS OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA, FOR THE PURPOSE OF PROVIDING
<br />FUNDS TO REFUND IN ADVANCE OF THEIR STATED MATURITIES
<br />$2,500,000 OUTSTANDING PRINCIPAL AMOUNT OF THE CITY'S
<br />GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1985,
<br />DATED AUGUST 1, 1985 AND MATURING ON AUGUST 1 IN EACH OF
<br />THE YEARS 1996 TO 2005, BOTH INCLUSIVE, AND $1,250,000
<br />OUTSTANDING PRINCIPAL AMOUNT OF THE CITY'S GENERAL
<br />OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 1987, DATED
<br />MAY 1, 1987 AND MATURING ON JULY 15 IN EACH OF THE YEARS
<br />2003 TO 2007, BOTH INCLUSIVE; FIXING THE FORM,
<br />DENOMINATION AND CERTAIN OTHER FEATURES OF SUCH BONDS;
<br />APPROVING THE SALE OF SUCH BONDS; APPOINTING A REGISTRAR
<br />AND PAYING AGENT FOR SUCH BONDS; APPROVING THE FORM OF AN
<br />ESCROW DEPOSIT AGREEMENT RELATING TO THE REFUNDED BONDS
<br />AND APPOINTING AN ESCROW AGENT; DESIGNATING THE REFUNDED
<br />BONDS FOR REDEMPTION; AND OTHERWISE PROVIDING FOR THE
<br />ISSUANCE OF SUCH BONDS AND THE REFUNDING AND REDEMPTION
<br />OF THE REFUNDED BONDS
<br />0 BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA:
<br />SECTION 1. Findings and Determinations. (a) Pursuant to
<br />ordinances adopted by the Council (the "Council") of the City of
<br />Charlottesville, Virginia (the "City"), on June 20, 1983 and
<br />October 27, 1983 and a resolution adopted by the Council on July
<br />31, 1985, there were authorized, issued and sold $5,000,000
<br />aggregate principal amount of the City's General Obligation Public
<br />Improvement Bonds, Series 1985, dated August 1, 1985 and maturing
<br />serially in the principal amount of $250,000 on August 1 in each of
<br />the years 1986 to 2005, both inclusive, and bearing interest
<br />payable on February 1, 1986 and semiannually on each February 1 and
<br />August 1 thereafter (the 111985 Public Improvement Bonds").
<br />(b) The 1985 Public Improvement Bonds maturing on and
<br />after August 1, 1996 are subject to redemption on or after August
<br />1, 1995 upon the terms and at the redemption prices stated in the
<br />1985 Public Improvement Bonds and in the aforementioned ordinances
<br />and resolution adopted by the Council on June 20, 1983, October 27,
<br />1983 and July 31, 1985.
<br />(c) Pursuant to an ordinance adopted by the Council on
<br />April 20, 1987 and a resolution adopted by the Council on May 13,
<br />1987, there were authorized, issued and sold $5,000,000 aggregate
<br />. principal amount of the City's General Obligation Public
<br />Improvement Bonds, Series 1987, dated May 1, 1987 and maturing
<br />serially in the principal amount of $250,000 on July 15 in each of
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